Wednesday, July 24, 2024

European stocks open lower but are heading for their best weekly performance in more than 3 months


© Reuters. Screens show German DAX data on the Frankfurt stock exchange on Thursday. Photo: Reuters.

(Reuters) – European shares fell on Friday but were on course for their biggest weekly percentage jump in more than three months, driven by hopes that the Federal Reserve will stop raising interest rates once inflation eases.

The European index was down 0.2 percent at 0702 GMT.

However, it rose 2.9 percent this week, posting its best weekly performance since late March and recouping almost all of last week’s losses.

US consumer and producer price data released earlier this week fueled speculation that the economy has entered a phase of deflation and that the Federal Reserve may stop tightening after July.

The Stoxx 600 index fell 0.6 percent on Friday in telecommunications companies, including Nokia ( HE: ), whose shares fell 5.3 percent after cutting its full-year results forecast.

Swedish rival Ericsson fell 4.2 percent after seeing a 62 percent drop in adjusted operating profit in the second quarter.

Mining stocks, the week’s biggest gainers, also fell 0.6 percent.

(Prepared by Noha Zakaria for Arabic Bulletin – Editing by Rehab Ala)

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Nadia Barnett
Nadia Barnett
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